Get Your 2010 Energy Tax Credits, Filing Tips for Form 5695

• 

  (New!)

  Get Your 2010 Energy Tax Credits: Filing Tips for Form 5695

  Sidestep snares in the complex IRS Form 5695 to get all the 2010 energy tax credits you’ve got coming. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Mortgage Interest Deduction - is it still Vunerable?

Possibly. Even though the report from the Commission for Deficit Reduction will not go to Congress for an automatic vote, there is the possibility that individual pieces of it -- such as curbing the mortgage interest deduction -- could be included in the proposed budget that will be sent to Congress in January. 

Click here to read "Plan to Curb MID Remains in Play" by Robert Freedman, Senior Editor of REALTOR Magazine and to watch short video from REALTORTV.

Click here to read "Commentary: Mortgage Interest and Real Estate Tax Deduction Facts" by Danielle Hale, posted on Realtor.org.  This is a sobering look at what impact losing the MID might have on the economy and housing market.

Healthcare Law and Real Estate Tax

After the new health care bill passed earlier this year, there have been many emails making the rounds talking about the 3.8% tax that will be imposed on the sale of real estate starting January 2013, the purpose of which is to help pay for the cost of implementing the new law.  There are bits of truth and rumor in many of these emails.  It is true that the 3.8% tax exists ... it is not true that this tax will affect all, or even most, real estate transactions.  However, if you make an AGI of over $200,000, there is a possibility that it may affect you.  The National Association of Realtors has put together an excellent brochure to help clarify the ramifications of this new law and to give examples of the impact of this tax.  As always, you should consult with your tax advisor for advice regarding your individual situation.

Click here to see the NAR Tax Brochure.